Entrepreneur Aligned Podcast

Tiffany and Jarrod discuss current entrepreneurial trends and lessons learned.

What this episode is about: The types of CPA to serve you best, whether you're willing to pay for that advice and the effects of COVID-19 on investing, tax residency and long-term office leases. Other topics discussed are purchase offers for entrepreneurial businesses and the benefits of having a personal board of advisors.

1. Welcome and Successful Sip [1:08]
2. Introduction of topics - recent entrepreneurial trends and things we've learned in the past month [2:23]
3. Discussion of current trends in CPA-themed conversations about taxes, planning and compliance [3:26]
4. "What type of CPA do you need to serve you now and are you willing to receive and pay for advice?" Discussion of how the trend is that yes, entrepreneurs are willing to pay for this service to help them pan versus only worrying about compliance [5:07]
5. More consideration about how CPAs handle much more complexity than private bankers and can help you to make the jump from compliance to planning forward. Thoughts on interviewing a CPA as you would an advisor or attorney [8:20]
6. The perfect time of the year to work on your relationship with a CPA [10:57]
7. Further dialogue about current entrepreneurial trending topics - lessons regarding taxes and COVID-19, tax residency and potential business migration from higher tax states to lower or no-income tax states (or even out of the country) [11:48]
8. Conversation about COVID-19's influence on the traditional office space in comparison to remote-working, post-pandemic trend shifts in lease negotiation and how businesses are thinking about pouring money from what previously was spent on office space leasing into other line items for their businesses (taking a 10 year lease down to a 2 year, for example) [14:56]
9. Thinking about what will happen to a wide array of commercial real estate in the next three to four years and how spaces might be used differently in the future [18:49]
10. Trend talk about how many entrepreneurs are receiving multiple purchase offers for their businesses [19:36]
11. Tie back to recent investing observations that the United States has now created $6 - $7 trillion dollars through direct payments and PPP and EIDL programs for small businesses - paired with super low interest rates, there is a huge demand for assets [20:47]
12. Discussion of this unusual time period where there could be tons of inflation or this could be the end of a very long economic expansion - maybe now is the time to think about this period as a sellers' market [24:05]
13. Dialogue about lessons learned this past month regarding helping clients through their tax residency checklists (using a move to Florida as an example of how to do your due diligence) [25:02]
14. Thoughts on having a personal board of advisors in order to avoid failure points that exist when your advisors are not in touch with one another - importance of consistently bringing the advisor group together [27:45]
15. Conclusion and concept of "vision without execution is hallucination". Emphasis on having the right people and making sure they talk to each other. An ask for feedback from listeners [31:32]

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Tiffany and Jarrod discuss the pros and cons of cryptocurrency and its merits as an asset class.

What this episode is about: An overall summary of cryptocurrency, its positive and negative aspects and how it may redefine the future of finance.

1. Welcome and Successful Sip [1:08]
2. Introduction of the topic and an overview of cryptocurrency's merits as an asset class, its use cases, its pros and cons, its associated risks, its opportunities and whether it will sustain its current momentum [4:19]
3. Cryptocurrency pros and cons and a recommendation of a Tim Ferris podcast to aide in this analysis [7:26]
4. Definition of Bitcoin, explanation of why it has value, explanation of the term "mining" in reference to it and and explanation of how and why it is a scarce good [8:59]
5. Example using the mental image of an insect being sealed in layers of amber to explain Bitcoin ledger entries and security. Discussion of how its economic value is a result of scarcity due to security challenges [11:35]
6. Discussion of Bitcoin as another store of value, its method of exchange and the pros and cons of its accounting method [13:16]
7. Analysis of other cryptocurrencies such as Ethereum, which is designed to use different types of logic to allow what are called "smart contracts" for things like life insurance and property records. Do we need third party validation from the Federal Reserve and banks to agree on these types of records? [15:07]
8. Discussion of cryptocurrency as a bearer asset and the drawbacks of instantaneous money sending. Refresher on bearer bonds as a way to illustrate that the loss of a Bitcoin "wallet" can have the same result as a bearer bond blowing out of your hand while walking down the street [16:08]
9. Emphasis and gratitude for taking a moment to listen and learn about cryptocurrency with an open mind [18:58]
   1. People interested in more efficiency of transactions
   2. Speculators
   3. People who are curious and want to hop on the bandwagon
   4. People who are looking at price movements and very short time periods [20:04]
10. Dialogue about cryptocurrency risks due to lack of regulation. Discussion about the vast variety of people interested in owning it and their reasons for doing so:
11. Entrepreneur Aligned's view of Bitcoin as a speculative asset with potential for tremendous upsides and downsides [24:49]
12. Further discussion of the pros and cons of Bitcoin [26:17]
13. What now? Where are we now with cryptocurrency? Discussion of possible outcomes and the idea that "money is a unit of labor that is frozen in time" and how that relates to cryptocurrency. Assertion that Bitcoin "could be our gold" in the future [32:19]
14. Analysis of the speculative nature of investing in cryptocurrency and the idea that whatever one invests should be a small amount of their wealth, as in "the amount of money you could burn in your backyard without an emotional reaction" [36:37]
15. Conclusion and emphasis that this podcast is not investment advice. Final thoughts on how cryptocurrency technology may create more efficient and free financial lives in the future [39:04]

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Tiffany and Jarrod discuss how entrepreneurs should think about investment planning and key elements to focus on when analyzing investment plans.

What this episode is about: Entrepreneurs can be creative with their investment planning, and their investing style should enable their lifestyle.

1. Welcome and Successful Sip [1:08]
2. Introduction of the topics of investment planning, placing business equity at the center of an investment plan and analyzing how entrepreneurs should think of investment [2:37]
3. Discussion of the point of investing, whether your investing style enables your lifestyle, the core pillars to your investment plan and how often to review them [5:34]
   1. Understanding cash flow, asset values and risks
   2. Understanding your expectations
   3. Making sure you're emotionally prepared for inevitable investment failures [6:27]
4. Dialogue about having an annual evaluation of your business equity to cover these topics:
5. Thoughts on how to prepare for your strategies if an opportunity doesn't align with your investment plan and a question, "What's your thesis?" Analysis of these topics using an example of a home purchase in Vancouver [8:53]
6. Discussion of managing short term and long term goals by backing into them and examples of being proactive and creating a roadmap to your plan [12:12]
7. Emphasis on understanding that investment planning is different for entrepreneurs (as compared to W2 workers) and that they can be more flexible and creative with their equity at the center of their entire strategy, with large and variable cash flows [13:57]
8. Discussion of the uniqueness of each entrepreneur and how each one's plan has more flow, complexity, risk and individuality [16:14]
9. Analysis of how each entrepreneur's need for cash and cash equivalents are also unique - various examples of this and dialogue about having good liquidity planning and cash flow maps [18:25]
10. How often should you review all of this? [21:22]
11. Your stage of life or unexpected big transaction can change your plan and also trigger a review. Thoughts on balancing personal life with entrepreneurial life [23:28]
    1. Your investment plan is a tool to serve you
    2. Don't look to outside sources such as the financial media for advice [26:21]
12. Takeaways:
13. Conclusion [28:40]

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Tiffany and Jarrod discuss how to be mindful of good and bad habits and how to use those observations to create a system for success to achieve important goals.

What this episode is about: Attitude and Action - It's not only about having great ideas, it's about accomplishing them!

1. Welcome and Successful Sip [1:08]
2. Introduction of topic and discussion of the importance of a system for success that exceeds the task [3:48]
3. Clarity and Elevated Thinking: first steps before focusing on system creation [6:23]
4. Revenue does not always equal capital: your greatest revenue producing activities and assets and thoughts on how you focus on them [6:55]
5. Be clear on your goal, put systems and structures in place to support it and practice key behaviors and activities that support your efforts [10:27]
6. Discussion of defining behaviors that support success and the key behaviors and activities that limit success [12:20]
7. Mention of James Clear's "Atomic Habits'' as a resource for enabling habit formation and change. Discussion of the idea that success isn't an event, but a habit [12:48]
8. Reinforcement of the concept of using systems, habits and awareness to figure out what you actually have to execute to reach your goal [14:38]
9. Example using smart contract functionality for an accountability peer group to help people reach their goals [16:52]
10. Know how you are motivated [17:50]
11. Understand the ways you self sabotage and examples of Tiffany and Jarrod's accountability methods and practices [19:24]
12. "Make good habits part of your identity" discussion [27:28]
13. Conclusion and Entrepreneur Aligned contact information [30:26]

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Entrepreneur Aligned's Tiffany Charles and Jarrod Musick discuss how to organize, list and review your personal principles.

What's Discussed in This Episode: Tiffany and Jarrod focus on how to identify personal principles and use individual case studies and methods as examples.

1. Welcome and Successful Sip [1:08]
2. Topic introduction and case study walk through [2:39]
3. Explanation that the first step to define who you are and when you're the best version of yourself is to physically and mentally be in a peaceful environment [3:22]
4. Discussion of the significance of being in a place of inspiration to help one settle into creativity and that appearance and apparel can also help to create a time and place to acclimate into deep thoughts. Description of Tiffany and Jarrod's personal preferences for creating a work space [4:53]
   1. Describe who you are when you're at your best
   2. What makes you happy and proud
   3. What and why were events meaningful in your life
   4. Dig deep and make lists
   5. "Brain dump" on paper in order to see connections [9:07]
5. How to start working on principles:
6. A reminder to highlight and examine when you were not at your best self and to note that this exercise is for information and not judgement [11:10]
7. Listing elements of who and when you are both at your most positive and not: attributes, actions, relationships/associations, health [13:42]
8. Refining commonalities and what resonates with you on an emotional level [16:40]
9. Exploration of personal agency as another type of guide [18:20]
10. What to do with your list once you've made it and emphasis on revisiting it and not forgetting it as your priorities shift over time [20:35]
11. A discussion of how to review and examine if your calendar reflects what you listed as important and how to take note of your capital structure when you're at your very best [25:21]
12. Conclusion and Entrepreneur Aligned contact information [26:44]

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Entrepreneur Aligned's Tiffany Charles and Jarrod Musick discuss timing things from the world and in the annual calendar for most entrepreneurs.

What's Discussed in This Episode: Tiffany and Jarrod talk about timing and planning annual calendars for entrepreneurs and have a tactical discussion about Paycheck Protection Program (PPP) loans and paying attention to cash flow and appreciation.

1. Welcome and introduction of topics [1:08]
2. Successful Sip [1:50]
3. Discussion of the amount of lead time necessary to get tax documents to your CPA at this time of year and the importance of getting on their calendar [6:58]
4. Conversation about how this is a good time to block time on your calendar for the upcoming year for vacations/staycations for both yourself and your team and the benefits to you and your team in planning around those times [11:11]
5. Jarrod reviews the 3to5 Club which teaches a method of enabling one to be able to walk away from their business for three weeks and it not implode [15:27]
6. Tactical thoughts on the extension of PPP lending and why to talk to your CPA team about this [17:20]
7. Discussion of asset prices for real estate, equities, and cryptocurrencies and the importance of sticking to your investment plan and how this is a good time to check in with your plan [18:32]
8. Emphasis on paying attention to the cash flow side of equations and not just the appreciation side of them, and understanding how cash flows in your world [20:46]
9. "That's what makes a market." Review of how different viewpoints about the same asset at the same point in time work together to create a market [23:08]
10. Thoughts on the number one rule of investing and the importance of having unbiased partners and advisors [23:53]
11. Conclusion: While looking at your calendar, find the partner and planning time for your overall wealth management plan of attack [25:34]

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Entrepreneur Aligned's Tiffany Charles and Jarrod Musick discuss setting yourself up for success in 2021 by turning your challenges & frustrations into lessons.

What's Discussed in This Episode: Tiffany and Jarrod discuss ROI for 2020, goals and intentions for 2021 and compass setting for the upcoming year.

1. Welcome and Successful Sip [1:09]
2. Reflection on challenges and frustrations from last year and moving forward [3:10]
3. Make a list of challenges and frustrations and look for ways to find gratitude for each one. "With peace and gratitude comes the lesson, which allows for the uplevel." Discussion of learning through challenges and applying that knowledge in 2021 [3:58]
4. Review of the costs of compromise and how not to backslide during times of challenge [5:54]
5. Discussion of costs of compromise examples, corrections and solutions moving into 2021 [7:59]
6. Discussion of "Via Negativa - The Negative Way" and the power of listing and verbalizing things that didn't serve you in the past year. Thoughts on how the new year is not the only time of the year that one can set goals and intentions and feel gratitude [10:41]
   1. Looking forward
   2. Where we came from [12:55]
7. Looking at goals through two perspectives:
   1. June 30th fiscal year start and end
   2. New goal year doesn't have to be January
   3. Understand and refresh core principles
   4. Ben Franklin's "13 Virtues" discussion
   5. Integrate our aspirations with our identity [14:41]
8. Jarrod's principles and guiding lights:
9. Mention of Jarrod's upcoming book and how he integrates goals into actions to generate forward momentum [17:58]
10. Categorize goals discussion [20:32]
11. Conclusion and mention of goal categories pdf download at https://entrepreneuraligned.com/uploads/files/Commit_to_Yourself-v1-1.pdf [22:55]

Entrepreneur Aligned's Tiffany Charles and Jarrod Musick discuss understanding forecasted balances better in order to avoid stressful shortfalls and missed opportunities.

What's Discussed in This Episode: What are the best investments you've missed out on because you didn't have cash available? What have you had to pass up on in your personal life because you didn't have cash? Personal anecdotes and a real-world example are given in order to represent how rolling forecasts for cash needs let you keep less in cash and have more for better uses.

1. Welcome and introduction of topic and case study [1:09]
2. Successful Sip [1:41]
   1. What are the best investments that you've missed out on, because you didn't have cash available?
   2. What did you have to pass up on in life, because you didn't have cash available?
3. January cash flow discussion and two question that people need to consider about cash and why holding it matters [2:40]:
4. Observations on how if you're always over-optimized to have every dollar invested in your company, you don't have the ability to say "yes" to travel, for example [9:25]
5. Discussion of "a process of saying "no" to the good so you can say "yes" to the outstanding" [11:27]
6. Overview and analysis of a case study about a family who missed out on their ideal house because they didn't have enough assets for their $2.5M dream home when it became available on the market [13:25]
7. Answer the question of, "How do we make sure this doesn't happen again?" [15:35]
8. Specific details of cash flow mapping and what-ifs in regards to business capabilities to deliver personal wealth, exit transactions, trade-off analysis and time and tax obligations [16:41]
9. Setting mental guard rails to when you can consider saying "yes" to your plan [21:01]
10. Examples of client processes and key factors in helping entrepreneurial clients make their best investments [21:34]
11. Summary and discussion of planning and key "yes and no" factors to help you have the cash on hand so you can say "yes" to the things that are right for you and yours [25:11]

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Entrepreneur Aligned's Tiffany Charles and Jarrod Musick discuss cash flow tracking and foundation setting for the year ahead.

What's Discussed in This Episode: How to reconcile zero percent interest rates and the need to keep cash. With interest rates on deposits at or near zero how should we keep our liquid reserves?

1. Welcome and Successful Sip [1:09]
2. Introduction of episode themes of cash, reserve requirements, federal funds rate and interest rates [2:17]
3. Federal funds rate explanation and discussion of interest rate policy and rates for borrowing and lending [4:01]
4. Client context discussion regarding how much cash they should hold and how they should think about cash on deposit when it's not earning anything. Can consider it "paying a premium for access and less stress". [5:30]
5. Online savings accounts and the trade-off between fewer versus more accounts and how this serves you. Discussion of how this is a personal decision. [7:13]
6. Holding cash longer than six months and how to think about getting a little return on it by short term treasuries, for example. "What's the pain versus the gain?" [8:56]
   1. Holding cash
   2. Inflation concern
   3. Securing return on your business
   4. Holistic viewpoint importance
7. Expectation setting perspective on providing backup and insurance. [10:55]
8. A mental calibration regarding personal finance knowledge base versus business finance knowledge base [12:11]
9. Discussion of how Entrepreneur Aligned is customized to the needs of an entrepreneur who has opportunity to work money in a different way [14:08]
10. Affirmation invitation to reach out to Jarrod or Tiffany about being an entrepreneur and holding cash. Description of the Entrepreneur Aligned Insights page at www.entrepreneuraligned.com. [15:38]
11. Closing: Recognizing the problem that is zero percent interest rate for generating returns and discussion of taking on debt responsibly and utilizing it at current low rates. [17:35]
12. Discussion of SBA Loans and responsible leverage. [19:33]
    1. What are the best things you can do today to be able to position yourself?
    2. Conditions always change - as do opportunities to adapt.
    3. Even if losing money to inflation now, this moment is not forever.
13. Takeaways regarding reconciling zero percent interest rates and thinking about cash [21:17]
14. Conclusion and contact information [22:53]

Connect with Entrepreneur Aligned:

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Entrepreneur Aligned's Tiffany Charles and Jarrod Musick discuss cash flow tracking and foundation setting for the year ahead.

What's Discussed in This Episode: January is the time to assess your resources and needs for the year to come. Figure out where you are before you start to move and analyze some common myths regarding cash.

1. Successful Sip [1:08]
   1. Knowing your high and low watermarks
   2. Cash flow mapping
   3. Running scenarios to make sure you're recoverable
   4. Analyzing your big inflow and outflow events
2. Setting your baseline for the year ahead and brief explanation of behind the scenes at Entrepreneur Aligned regarding cash, cash flows and projections [3:30]
3. Walk through of processes and inform listeners about Entrepreneur Aligned Roadmap [5:52]
4. Discussion of January's analysis of cash/liquidity and personal finance needs for the year ahead and a discussion of initial baseline settings [6:22]
5. Growing and upleveling 2020 ROIs for 2021 and the different benchmarks for personal versus business. "What do I need and what do I feel comfortable with to sustain my business?" [8:31]
6. "How do we become wealth managers of our business and who helps us with this management?" [9:42]
7. Discussion of revenue disruption and organizing business reserves, cash and/or cash equivalents [10:54]
8. Loan covenant provisions reminder [12:20]
9. Knowing when your big inflow and outflow events are occurring and the use of spreadsheets [13:04]
10. A look at probabilities and scenarios based on available cash flow, what ifs, planning conversations, best uses of capital and planning to avoid impulse decisions [14:29]
11. Behavioral finance discussion - benefits of planning to combat emotions [16:56]
12. Myth in thinking about things related to cash and weighing and balancing holding cash, inflation and the emotional damage of not having enough cash [18:47]
13. Holding cash versus having it available and knowing your capital stacks and your access to them [22:04]
14. Second myth, "Anything that isn't cash doesn't count as cash." Discussion of liquid investments and evaluation of risks [24:57]
15. Conclusion and contact information [27:58]

Connect with Entrepreneur Aligned:

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Like on Facebook: https://www.facebook.com/entrepreneuraligned

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